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Sources tell NY1 the mayor plans to announce that 4,666 teachers will be laid off, with an additional 1,500 positions cut through attrition.

The slashed rolls are being blamed on what City Hall says is a $2.1 billion cut in state aid -- a figure the Cuomo Administration puts at much less.

The mayor plans to shelve other proposed cuts because of a nearly $2 billion increase in tax revenue over November's projections.

In a statement, Bloomberg's chief political advisor, Howard Wolfson, says if the teacher layoffs have to happen, state law should be changed to allow teacher performance -- and not just seniority -- in who goes first.

He went on to say, "Right now, we face very difficult decisions on how to balance the budget without harming the progress we have made, especially in our schools. The only thing worse than laying off teachers would be laying off the wrong teachers.”

The head of the city teachers' union is calling the mayor's plan to lay off teachers bizarre citing Governor Andrew Cuomo who says the state budget should not require local layoffs.

In a statement, UFT President Michael Mulgrew said in part, "It’s time the Mayor joined us in fighting for the children of our city by supporting the extension of the state millionaire’s tax, rather than continuing to focus, as he and Chancellor Black did in Albany this week, on a bogus strategy to lay teachers off."

The City Council and the mayor must approve a budget by June 30th.

NY1 will have live coverage of the mayor's budget address.

It is scheduled to begin at 12 p.m.